Home Buying & Real Estate Thread

[jewelknows]

My wife and I got completely lucky on timing. We were just tired of renting. 375 to recently 530 from all these apps (Redfin, Zillow, etc.).

In regards to appliances definitely spend more on brand reputation also repairability. LG and Samsung unfortunately do not have as good repairability but its getting better. It was more about parts and familiarity. Waiting on my LG top load washer that came with the house to go out lol. Not a big fan.

 

[MakeNTGreatAgain]

That 5% interest rate is a dagger.

ino some ppl coppin multimillion dolla pads at 7/8%

brazy times

 

[アミーゴ]

ino some ppl coppin multimillion dolla pads at 7/8%

brazy times

Bubbles burst BAYBEE

 

[spizike231]

The rates are insane right now... talk about incredible timing when I copped last summer

We bought in May of 2020. Rates were really low (not as low as they got eventually) but there were available houses in our new build neighborhood when we went to buy. Prices also hadn’t jumped yet cause I think the pandemic was still having everyone really worried. (Us too, but we took the plunge thankfully)

I thank the lawwwwd everyday that we did that cause if we hadn’t we wouldn’t be able to buy something within reason like this right now and we would been stuck in our apartment for another 2 years with rent being around our mortgage right now.

I can’t imagine.

 

[Vincent Van Goat]

Think about the summer even before!!!

Timing is everything, feel bad for everyone looking now.

Yup that was me two years ago lol

I always have bad luck but that was my one shining moment of fortune

 

[Majorbread]

Same, closed July 2020 with a maxed out conventional loan
Felt like a bad decision at the time but turning out to be the best decision wife and I made thus far

Also y'all not using consumer reports guide and ratings for appliances? Just got a top rated LG washer and dryer from Costco for like $1700 total, loving them so far

 

[niketalker23]

The rates are insane right now... talk about incredible timing when I copped last summer

People told me I was stupid to buy last summer and just wait it out. Put down 20% got my loan at under 3%, and based on recent sales around my neighborhood my house is probably close to 100K more than it was when I got it. Not only that but I was lucky that the 35k we offered over asking was actually financed because the house appraised at what we offered. I feel lucky.

 

[domvon]

A lot of lenders are suggesting ARM (adjustable rate mortgage) loans right now because the rate is so much lower (4.25%) vs a standard conventional loan (5.25%-5.5%). Stays at the introductory rate for 7-10 years, no penalty for refinancing or selling before the rate increases. Thought is if the rates drop, you can refinance to a lower fixed rate than what's available now. Seems like a decent option.

Spoke with one of my lender partners this morning, she said rates forecasted to potentially hit 7%-8% by end of the year.

 

[アミーゴ]

My boy in SF bought in 2020 at 2.2, Redfin already says it’s 4.5

 

[you go boy]

People told me I was stupid to buy last summer and just wait it out. Put down 20% got my loan at under 3%, and based on recent sales around my neighborhood my house is probably close to 100K more than it was when I got it. Not only that but I was lucky that the 35k we offered over asking was actually financed because the house appraised at what we offered. I feel lucky.

You did good... I think it's the other way around buy sooner rather than wait....my neighbor bought her place in dec 2020 and paid 27gs less than I paid September 2021... I don't regret it one bit and just happy I bought when I did....

 

[ballinsam23]

I’m starting to hear people backing out of the home search once their approvals come in. I’m hearing close to 5%. That’s easily an extra 200k with the cost of some of these homes.

If people have to sell or relocate, with high interest rates, they’ll have to sell lower.

 

[Public Enemy]

Best choice I ever made was getting a new construction home. House value went up almost 300K in the last two years.

How much more do you pay for a new construction vs a similar house that is already existing?

 

[computersputin]

All the homes around my area in my price range were all built in 20 years ago and were obviously outdated and lived in.
They built a new gated community and while I had to conform to some structure aspects, I was able to design the whole house from the tiles, the electrical work, flooring, walls etc. So I didnt save any money, but was able to build the house based on what I wanted and my design philosophy.

Sure beats tearing up some old house and renovating, which would cost $ and time.

 

[sneakaprince]

Really looking for a new build for my next house. Seems like the only way for me to feel like I'm getting what I'm spending on my next place.

 

[mplsdunk]

Plus you won’t get in a bidding war.

 

[spizike231]

Plus you won’t get in a bidding war.

The last few lots from my builder had some of that.

Some people we know lost a lot cause they wouldn’t beat a $40k over builder price for a lot.

 

[Public Enemy]

All the homes around my area in my price range were all built in 20 years ago and were obviously outdated and lived in.
They built a new gated community and while I had to conform to some structure aspects, I was able to design the whole house from the tiles, the electrical work, flooring, walls etc. So I didnt save any money, but was able to build the house based on what I wanted and my design philosophy.

Sure beats tearing up some old house and renovating, which would cost $ and time.

Thanks for the info. I mean like if you wanted a 3 bedroom 3 bathroom house, and you decided instead to build a 3 bedroom 3 bathroom house, will the money you budgeted for that transfer over with a slight increase? Or do you need to have a substantial amount more, generally?

 

[domvon]

The other draw back is property taxes are typically much higher on a new build. You're typically paying for all of the infrastructure for the new community you're buying into. Property taxes are about $3,000 on average for Single Family homes. New build property taxes are ranging anywhere from 1%-1.5% of the purchase price. $600,000 new build = $6,000+ taxes. Thats a huge increase to your monthly payment.

 

[datznasty]

I wish I owned somewhere where appreciation was that crazy. My house is in a small (growing) rural town, that really only has value because of its proximity to the Army base and major city (Lawton, Ft Sill) without being the city, as Lawton has a crime reputation. Bought new construction in 2011 for 165k, Zillow is saying now around 220k, which seems pretty accurate looking at some neighboring comps including one of my neighbors right down the street just sold for 219 and mine is 100 s/ft bigger than his, corner lot, and has a 3rd car garage. I have renters in it now. paying the mortgage almost exactly once the property mgmt takes their 10% so it's not harming me to keep it. But I be jealous when people in esp non flyover states' houses have increased 2x in 5 yrs.

 

[boutmymoney333]

My brother is trying to back out of a purchase 2 days before closing. He had his final walk through and he noticed something things were damaged (cracked window, crack in bathroom tile) in comparison to when he seen the house the first time. He pretty much waived all contingencies(inspection information only) and asked the seller if they can keep his EMD and let him out. The sellers agent basically said they gonna take him to court if he backs out. Guess he's stuck with the crib.

 

[mplsdunk]

None of that sounds like a big enough deal to go on the search again for another house tbh.

 

[Vincent Van Goat]

My brother is trying to back out of a purchase 2 days before closing. He had his final walk through and he noticed something things were damaged (cracked window, crack in bathroom tile) in comparison to when he seen the house the first time. He pretty much waived all contingencies(inspection information only) and asked the seller if they can keep his EMD and let him out. The sellers agent basically said they gonna take him to court if he backs out. Guess he's stuck with the crib.

Breh if that's the only reason he's backing out that's kinda sus

Which city is this in? Just take the house bro seems like a bad choice to back out and you gonna lose money on top of that

Meanwhile you got folks who get their souls crushed willing to overpay for a house and not having any chance to begin with

 

[boutmymoney333]

In Northern VA. He just just dont feel like dealing with the cosmetics of the crib (painting and flooring)and since its a mid 90s crib now he thinks the inspection is gonna turn some **** up. The previous owner had dogs so its dog stains throughout the crib that he didnt notice before now that the house is empty. I told if anything just invest in it bring it up to par and flip it later cause its a decent crib layout wise 4Bd 3 1/2 baths and 3200 SQ FT. It appraised at exactly what he bought it for in its current condition.

 

[sole searchin]

The rates are what they are if you need or are looking unfortunately.

Hopefully just deal with it and another 2020/2021 happens and you’re able to refi to a lower rate. But I guess these rates now are still better then what they’ve been pre 2010.

 

[computersputin]

Thanks for the info. I mean like if you wanted a 3 bedroom 3 bathroom house, and you decided instead to build a 3 bedroom 3 bathroom house, will the money you budgeted for that transfer over with a slight increase? Or do you need to have a substantial amount more, generally?

Bro, it really depends on your area obviously. There a lot of pros and cons with a new house. You have to figure out if your willing to go through all that. It took over 6 months to build my house. If you down with not moving in that amount of time, then may thats the move for you.